Kairous Acquisition Corp. Ltd (KACLF): debt financing — Kairous Acquisition extends business combination deadline to March 16, 2023 via $360K sponsor note

Kairous Acquisition Corp. Ltd

Sponsor deposited $360,000 into trust account to extend period from Dec 16, 2022 to March 16, 2023.
Promissory note is non-interest bearing, convertible into units at $10.00 per unit upon deal close.
Extension provides additional time to consummate an initial business combination.
Note issued to Kairous Asia Limited, the IPO sponsor.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Kairous Acquisition Corp. Ltd incurred loan of $360,000 with Kairous Asia Limited maturing upon the closing of a business combination.

Instrument: loan
Principal: $360,000
Counterparty: Kairous Asia Limited
Maturity: upon the closing of a business combination
Event: incurrence

Exact text from the filing

On December 14, 2022, Kairous Acquisition Corp. Limited (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $360,000 (the “Note”) to Kairous Asia Limited, the Company’s initial public offering sponsor (“Sponsor”) in exchange for Sponsor depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination. The Note does not bear interest and matures upon the closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001493152-22-035675

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